Primerica (NYSE:PRI) Stock Price Down 0.3% Following Analyst Downgrade

Primerica, Inc. (NYSE:PRI)’s stock price was down 0.3% during mid-day trading on Wednesday after Piper Sandler lowered their price target on the stock from $313.00 to $300.00. Piper Sandler currently has a neutral rating on the stock. Primerica traded as low as $273.07 and last traded at $274.73. Approximately 41,039 shares were traded during mid-day trading, a decline of 73% from the average daily volume of 152,361 shares. The stock had previously closed at $275.64.

A number of other research firms also recently issued reports on PRI. TD Cowen raised their price objective on shares of Primerica from $314.00 to $345.00 and gave the stock a “buy” rating in a report on Tuesday, November 26th. Truist Financial lifted their price target on shares of Primerica from $300.00 to $340.00 and gave the stock a “buy” rating in a research note on Friday, November 8th. Finally, StockNews.com raised shares of Primerica from a “hold” rating to a “buy” rating in a research report on Friday, November 22nd. Five equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $296.33.

Insiders Place Their Bets

In related news, CEO Glenn J. Williams sold 3,000 shares of Primerica stock in a transaction on Monday, November 11th. The shares were sold at an average price of $301.27, for a total transaction of $903,810.00. Following the transaction, the chief executive officer now owns 36,322 shares in the company, valued at approximately $10,942,728.94. The trade was a 7.63 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.85% of the company’s stock.

Institutional Investors Weigh In On Primerica

A number of institutional investors have recently bought and sold shares of the business. CIBC Asset Management Inc boosted its stake in shares of Primerica by 3.5% in the third quarter. CIBC Asset Management Inc now owns 1,054 shares of the financial services provider’s stock worth $279,000 after acquiring an additional 36 shares during the period. Creative Planning lifted its holdings in Primerica by 0.7% in the 3rd quarter. Creative Planning now owns 6,083 shares of the financial services provider’s stock worth $1,613,000 after purchasing an additional 40 shares in the last quarter. Kingsview Wealth Management LLC lifted its holdings in Primerica by 0.7% in the 3rd quarter. Kingsview Wealth Management LLC now owns 5,840 shares of the financial services provider’s stock worth $1,549,000 after purchasing an additional 43 shares in the last quarter. Larson Financial Group LLC boosted its stake in Primerica by 56.8% in the 3rd quarter. Larson Financial Group LLC now owns 149 shares of the financial services provider’s stock worth $39,000 after purchasing an additional 54 shares during the period. Finally, Blue Trust Inc. grew its holdings in Primerica by 45.5% during the 2nd quarter. Blue Trust Inc. now owns 192 shares of the financial services provider’s stock valued at $49,000 after buying an additional 60 shares in the last quarter. Hedge funds and other institutional investors own 90.88% of the company’s stock.

Primerica Price Performance

The firm’s 50-day moving average price is $287.90 and its 200-day moving average price is $262.56. The stock has a market cap of $8.91 billion, a P/E ratio of 20.40 and a beta of 1.09.

Primerica (NYSE:PRI) last announced its quarterly earnings results on Wednesday, November 6th. The financial services provider reported $5.68 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.81 by $0.87. Primerica had a net margin of 14.95% and a return on equity of 30.93%. The company had revenue of $774.13 million for the quarter, compared to the consensus estimate of $745.25 million. During the same period in the previous year, the firm posted $4.28 EPS. Primerica’s revenue for the quarter was up 11.0% compared to the same quarter last year. Sell-side analysts expect that Primerica, Inc. will post 19.32 earnings per share for the current year.

Primerica Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, December 12th. Investors of record on Thursday, November 21st were given a $0.90 dividend. The ex-dividend date was Thursday, November 21st. This represents a $3.60 dividend on an annualized basis and a dividend yield of 1.35%. Primerica’s dividend payout ratio is currently 27.50%.

Primerica announced that its board has initiated a share buyback plan on Thursday, November 14th that allows the company to buyback $450.00 million in outstanding shares. This buyback authorization allows the financial services provider to reacquire up to 4.5% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.

Primerica Company Profile

Primerica, Inc, together with its subsidiaries, provides financial products and services to middle-income households in the United States and Canada. The company operates in four segments: Term Life Insurance; Investment and Savings Products; Senior Health; and Corporate and Other Distributed Products.